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Popolare Word Problems >

A person invests 5000 dollars in a bank. The bank pays 5% interest compounded monthly. To the nearest tenth of a year, how long must the person leave the money in the bank until it reaches 10500 dollars?

Soluzione

A p erso n in v es t s 5000 d o ll a rs in a bank . T h e bank p a ys 5% in t eres t co m p o u n d e d m o n t h l y . T o t h e n e a res t t e n t h o f a ye a r, h o w l o n g m u s t t h e p erso n l e a v e t h e m o n ey in t h e bank u n t i l i t re a c h es 10500 d o ll a rs ?

Soluzione

Time : 14.87

Fasi della soluzione

Translate the problem into an equation:

10500 = 5000 (1 + \frac{0.05}{12})^{12 t}

Risolvi per

t, 10500 = 5000 (1 + \frac{0.05}{12})^{12 t} : t = 14.87

Time : 14.87

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